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China Securities Regulatory Commission: Strengthen the cooperation of administrative law enforcement and criminal justice to form a joint force to effectively combat illegal activities in securities |

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Original title: China Securities Regulatory Commission: Strengthening the coordination of administrative law enforcement and criminal justice to form an efficient joint force to crack down on illegal securities activities

Our reporter Wu Xiaolu

In order to implement the “Opinions on Strictly Cracking Down on Illegal Securities Activities According to Law” (hereinafter referred to as the “Opinions”) issued by the Central Office and the State Council, in accordance with the spirit of the first meeting of the Coordination Working Group on Combating Illegal Activities in the Capital Market, closely follow the “zero tolerance” “Recently, the China Securities Regulatory Commission, the Ministry of Public Security, and the Supreme People’s Procuratorate jointly launched a special law enforcement action to combat securities violations and crimes, and centrally deployed and investigated 19 major typical cases.

“This is an important measure for the regulatory authorities to further strengthen the coordination of administrative law enforcement and criminal justice, form an effective joint force in cracking down on illegal securities activities, and increase the cost of illegal securities. At present, relevant investigations, investigations, review and prosecution work have been fully carried out, and some key cases have been launched. An important breakthrough has been made.” The China Securities Regulatory Commission said.

These cases mainly involved three categories: First, 8 major information disclosure violation cases. Some bond issuers and listed companies have committed financial fraud for many years and are suspected of committing fraudulent issuance crimes; some listed companies have committed a large number of fictitious businesses in order to complete performance promises, and are suspected of illegal disclosure and non-disclosure of important information; some listed companies actually use it by the controller Convenient job position, occupying the funds of listed companies in the name of payment of equity transfer payments, debt transfers, etc., suspected of breaching trust and harming the interests of listed companies; some intermediary employees cooperate with listed companies to falsify, forge audit evidence, and seriously neglect their duties in the execution of bank letters. Crime of providing false certification documents.

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The second is 9 cases of vicious market manipulation. The actual controllers, directors, and senior managers of some listed companies cooperate with market institutions to manipulate the company’s stocks; some stock market “black mouths” and traders conspired to make illegal profits through tricky transactions and “hat-grabbing” transactions. Individual parties have repeatedly investigated and repeatedly committed crimes, and the crimes are subjective and vicious.

The third is 2 typical insider trading cases. In addition to directly engaging in insider trading, some insiders with insider information also leak insider information to other persons with special interest relationships and participate in revenue sharing. On the whole, the above-mentioned cases present the characteristics of group organization, diversification of subjects, and concealment of tactics. The illegal behavior lasts for a long time, the amount involved in the case is large, and the harmful consequences are heavy.

The China Securities Regulatory Commission stated that in recent years, in response to severe and complex securities violations and crimes, the China Securities Regulatory Commission has continuously strengthened the convergence and cooperation between administrative law enforcement and criminal justice. In the first half of 2021, a total of 119 suspected criminal cases and clues have been transferred to the public security organs, and 266 persons involved in the case have been transferred, which is more than double the increase over the same period last year. At the same time, it promptly copied 17 major cases to the procuratorial organs.

In order to efficiently promote the investigation and handling of securities violations and crimes, the China Securities Regulatory Commission further optimized the law enforcement cooperation mechanism with criminal justice agencies, and jointly deployed special law enforcement actions through “securities, public security, and prosecution” to better utilize their respective advantages and enhance law enforcement efficiency. The first is to strengthen clue consultation, discussion, research and judgment, take advantage of the work advantages of public security and procuratorial organs stationed in the office of the Securities Regulatory Commission, and cooperate closely in information sharing and intelligence analysis. The second is to strengthen the effective connection between the CSRC’s inspection and law enforcement and the public security and prosecution case handling bases, and through simultaneous filing and early intervention, mutual support and advancement of case handling, and building a work pattern of “fast punishment, fast investigation, and fast prosecution”. The third is to increase the coordination of case supervision, make overall arrangements for case quality control and the deployment of case handling forces, strengthen supervision and control, and ensure the quality and efficiency of case handling.

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The Securities Regulatory Commission stated that in the next step, it will work with the public security prosecutors to resolutely implement the requirements of the “Opinions”, always adhere to the “zero tolerance” work policy, based on the overall situation of protecting the legitimate rights and interests of investors and safeguarding the reform and development of the capital market, focusing on the focus of law enforcement. Innovate case handling models, continuously promote the improvement of the securities law enforcement judicial system and coordination and cooperation mechanism, focus on improving the judicial efficiency of securities law enforcement, strictly crack down on illegal securities activities in accordance with the law, and actively shape a good market ecology.


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